Snowflake (NYSE:SNOW) Trading 1.3% Higher

Snowflake Inc. (NYSE:SNOW)’s stock price rose 1.3% during mid-day trading on Monday . The company traded as high as $111.49 and last traded at $109.95. Approximately 788,157 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 6,628,948 shares. The stock had previously closed at $108.56.

Analyst Ratings Changes

Several analysts recently issued reports on SNOW shares. Stifel Nicolaus cut their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Sanford C. Bernstein increased their price target on shares of Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research report on Thursday, May 23rd. DA Davidson decreased their price target on Snowflake from $230.00 to $175.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Evercore ISI cut their price objective on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Finally, Robert W. Baird decreased their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $176.03.

Snowflake Stock Up 1.6 %

The firm’s fifty day moving average price is $125.28 and its 200-day moving average price is $143.98.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same period last year, the company posted ($0.52) EPS. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. On average, analysts anticipate that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the sale, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at approximately $607,236.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the sale, the executive vice president now owns 718,773 shares of the company’s stock, valued at $86,252,760. The disclosure for this sale can be found here. Insiders have sold a total of 510,098 shares of company stock valued at $63,102,307 over the last three months. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Snowflake

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Snowflake by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after purchasing an additional 297,428 shares during the period. Jennison Associates LLC lifted its stake in Snowflake by 3.7% during the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after buying an additional 249,249 shares in the last quarter. Sands Capital Management LLC boosted its holdings in shares of Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after buying an additional 610,970 shares during the period. Norges Bank purchased a new position in shares of Snowflake in the fourth quarter worth approximately $838,455,000. Finally, Legal & General Group Plc increased its position in shares of Snowflake by 11.5% in the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after acquiring an additional 223,936 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.